Sunday, 22 September 2019 12:14 GMT
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ASX continues upward track but this copper producer jumped 13.8%




(MENAFN - ProactiveInvestors)

The Australian market continued its run skywards with the All Ords up 79.7 points or 1.4% to 5666.2. Energy and mining stocks sped ahead of the rest of the market.

Broader support came from the Reserve Bank of Australia’s decision to cut the official cash rate to 2.5% from 2.75%.

After the RBA’s announcement the Australian dollar extended losses against the U.S. dollar falling to below US$0.77.

Crude prices flirted briefly at the US$50 per barrel point with the West Texas Intermediate closing up 2.8% yesterday to US$49.57 a barrel. The Energy Index was up 4.1% to 11497.1 points.

Unsurprisingly Oil Search charged ahead 4.5% to $8.34 while Woodside Petroleum (ASX:WPL) was up 3% to $35.69. Oil Search (ASX:OSH) is up 4.5% to $8.34.


Market action here


Shares in Tiger Resources (ASX:TGS) jumped 13.8% to $0.066 with more than 56.5 million shares traded.

The company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

Costs are expected to fall through 2015 due to the transition to predominantly grid power on-site.

Tiger also expects to be in position to confirm timing of the Phase 2 expansion to 50000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate) which will further enhance project returns.

A number of other companies chalked up gains of 10% or more.

A-Cap Resources (ASX:ACB) was up 10% to $0.044 Apollo Minerals (ASX:AON) rose 14.3% to $0.008 and Grand Gulf Energy (ASX:GGE) is up 16.7% to $0.007.

King River Copper (ASX:KRC) jumped 20% to $0.024 Latin Resources (ASX:LRS) climbed 10.5% to $0.021 Rubianna Resources (ASX:RRE) gained 10% to $0.011 while White Cliff Minerals (ASX:WCN) is up 14.3% to $0.008.


Blue Chip stocks

Major miners
 
BHP Billiton (ASX:BHP) up 3.8% to $30.73
Fortescue Metals Group (ASX:FMG) up 2.6% to $2.37
Newcrest (ASX:NCM) up 0.6% to $14.00
Rio Tinto (ASX:RIO) up 2.2% to $58.71


Big 4 banks

ANZ Bank (ASX:ANZ) up 2.2% to $34.11
Commonwealth Bank (ASX:CBA) up 0.8% to $90.40
National Australia Bank (ASX:NAB) up 1.6% to $36.23
Westpac (ASX:WBC) up 1.2% to $35.26


Other banks financials and industrials

AMP (ASX:AMP) up 0.9% to $5.85
Bank of Queensland (ASX:BOQ) up 2.3% to $12.96
Bendigo and Adelaide Bank (ASX:BEN) up 0.3% to $13.57
Macquarie Group (ASX:MQG) up 2.3% to $63.87
Suncorp (ASX:SUN) down 0.6% to $14.68
Telstra (ASX:TLS) up 2.1% to $6.67


Retailers

JB Hi-FI (ASX:JBH) down 1.3% to $16.82
Wesfarmers (ASX:WES) up 0.4% to $44.17
Woolworths (ASX:WOW) up 0.4% to $32.29



Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.


ASX continues upward track but this copper producer jumped 13.8%

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